Gobles Co-Operative Ass'n v. Albright

At the same time that defendant signed the note sued upon, he executed a written agreement to purchase stock in the plaintiff company, reading, in part, as follows:

“The member agrees to, and hereby does, subscribe for five shares of the capital stock of the corporation, and agrees to pay therefor the sum of fifty dollars on the call of the board of directors of the corporation, and the new corporation will issue to the member a certificate of shares of stock of the par value of fifty dollars. ’ ’

The certificate of stock was not delivered to him because he did not pay for it. The undertaking…